NIO's second quarter vehicle margins beat expectations at 18.5% amid strong multi-brand growth

NIO reported second quarter 2026 revenue of $4.74 billion, slightly missing consensus estimates, though the net loss per share was significantly narrower than anticipated. A primary driver for the quarter was the expansion of vehicle margins to 18.5%, surpassing the top end of management's previous guidance and the 17.5% analyst estimate. The company achieved a non-GAAP net profit for the period, supported by a 49.4% year-over-year surge in deliveries across its NIO, ONVO, and FIREFLY brands.

Key Highlights

• Vehicle margins expanded to 18.5% from 10.3% a year ago, driven by a more favorable product mix and ongoing cost structure optimizations.
• Non-GAAP adjusted net profit reached RMB 26.1 million ($3.8 million), demonstrating continued progress toward operational break-even.
• Third quarter delivery guidance of 108,000 to 111,000 units suggests a steady growth trajectory, with July and August already contributing over 71,000 deliveries.